United Energy LNG and Power LNG signed Monday a merger agreement to form “a scalable small-scale LNG platform serving industrial, power, and transport markets across North America”. United Energy LNG will survive as the expanded entity, immediately overseeing three liquefied natural gas (LNG) production sites in “advanced stages of development”, a joint statement said. The projects have an estimated capital of $240-270 million. Concurrently United Energy LNG announced the start of the first phase of front-end loading (FEL-1), or early planning work, for the first project site, in Houston, Texas. It said the second project is “underway” in a confidential location while the third site, in Independence, Kansas, is scheduled to begin FEL-1 this month. United Energy LNG plans to achieve financial close on the projects by the first quarter of 2026. It expects to commission the projects by the first quarter of 2027. “The company is actively engaging with feedgas suppliers, utilities, and logistics providers to build out a nationwide virtual LNG delivery network”, the statement said. “The company estimates that its addressable domestic market exceeds 2 billion cubic feet equivalent annually, representing a $3+ billion opportunity in underserved power, transport, and industrial sectors”. The combined entity targets a liquefaction capacity of “up to 540,000 MTPA at full deployment”, the companies said. “While the majors are focused on megaprojects, we’re deploying modular, nimble solutions that get LNG to the people and industries who need it now”, said United Energy LNG chief executive Brian Guinn. Power LNG chief executive Austin Terry said, “This merger represents the alignment of speed, innovation, and execution. By combining our development and operational expertise with United Energy’s capital platform, we’re unlocking a scalable model for delivering LNG where it’s needed most”. The companies said, “Unlike traditional LNG developments requiring multi-billion-dollar investments and long permitting timelines,

Natural gas and water utility NW Natural Holding Co. (NW Natural Holdings) and its subsidiary Northwest Natural Gas Co. (NW Natural) have appointed the chief of a construction firm and a sportswear executive as directors. Peter Bragdon, executive vice president, chief administrative officer and general counsel of Columbia Sportswear Co., will serve as an independent director at Portland, Oregon-based NW Natural Holdings effective July 12. NW Natural also named Bragdon to its board of directors from the same date, as well as Hoffman Construction Co. president and chief executive Dave Drinkward effective June 30. “They are both leaders at respected, industry-leading companies and their insights will be invaluable as the company continues to grow”, NW Natural Holdings board chair Malia H. Wasson said in an online statement. “We greatly value both Peter and Dave’s contributions to our local Pacific Northwest community, which is in line with NW Natural’s core values”. Bragdon has served in his current roles at Columbia since 2015. Previously he served as chief of staff at Oregon’s gubernatorial office from January 2003 to June 2004. Currently Bragdon serves as board chair at the Oregon Community Foundation. He also serves on the boards of the World Federation of the Sporting Goods Industry and the Footwear Distributors and Retailers of America, as well as the board of trustees of Reed College. Bragdon received a Juris Doctorate from Stanford Law School, a Master of Studies in Law degree from Yale Law School and a Bachelor of Arts (BA) degree from Amherst College, according to NW Natural Holdings. Drinkward has held his current positions at Hoffman since November 2018. Drinkward also serves on the boards of several organizations including the ACE Mentor Program of America, Meals on Wheels People and the Oregon Business Council. He is also a trustee of Willamette

It appears that Iran was not very close to trying to block shipping through the Strait of Hormuz.  That’s what Edward L. Morse, Senior Advisor and Commodities Strategist at Hartree Partners LP, and previously the Global Head of Commodity Research at Citi Group, told Rigzone in an exclusive interview recently. “Iran’s position in the Middle East and in the global market has deteriorated significantly since the October 7 Hamas attacks in Southern Israel, which Iran with no question helped to orchestrate,” Morse said. “It has lost effective utility of all of its external proxies. It has lost its position in a number of countries almost completely … It has lost its air defense completely. And it … [has] seen its vulnerability to its control over the domestic economy, including the availability of natural gas for power generation and industry as summer demand was starting to surge,” he added. “On top of that the combination of Israeli and particularly U.S. attacks have reduced the possibility of significant assistance from the two outside powers tha[t]… have been their main global backers – Russia and China,” he continued. “The former has limited ability to provide arms given its situation vis-à-vis Ukraine while the later has absolutely no interest in seeing a disruption of critical supplies through the Strait of Hormuz,” Morse went on to state. “In short, a shutting of flows through the Strait would actually be an existential threat to Iran, and a threat to do that is not only not a critical element of its national security, it is a direct danger to its existence,” he highlighted. When asked how high oil prices would have climbed if Iran had shut the Strait, Morse told Rigzone that it is close to impossible to see how much oil prices would have increased had Iran shut

DNO ASA said its Norwegian operating subsidiaries have entered into an offtake agreement with France’s ENGIE SA for the company’s Norwegian gas production. The offtake agreement covers the entirety of DNO’s Norwegian gas production following its acquisition of Sval Energi Group AS, the company said in a news release. The four-year agreement is effective October 1 and “offers premium pricing,” DNO said. Related to the agreement, DNO said it has entered into an offtake financing facility with an undisclosed U.S. bank for up to $500 million. Under the facility, the bank finances DNO the value of up to 270 days of scheduled gas production based on future gas sales receivables. The all-in interest rate for drawn amounts under the facility is “significantly below” conventional reserve-based lending (RBL) terms available to DNO, with no charges for undrawn amounts, DNO said, adding that there are no financial covenants related to the facility. Proceeds from the offtake financing facility will be used to replace Sval Energi’s existing similar facilities as well as for general corporate purposes, DNO stated. “We have received strong interest by buyers to prepurchase our enlarged North Sea production of 80,000 barrels of oil equivalent per day split about equally between oil and gas,” DNO Executive Chairman Bijan Mossavar-Rahmani said. “These three-way transactions are made possible because buyers are eager to lock in secure supplies of Norwegian oil and gas and U.S. banks, in particular, have significantly stepped up fossil fuel lending,” he added. DNO said it has repaid and will not renew over $ 600 million in RBLs across its North Sea subsidiaries, “given [the] availability of attractive offtake financing terms”. In addition, the company has borrowed $300 million under a one-year bank bridge loan “to add more arrows to our quiver,” Mossavar-Rahmani said. Separately, DNO is also in

A release posted on the UK government website on Monday announced that Dan McGrail has been appointed as the permanent Chief Executive Officer of Great British Energy. McGrail will be based in Scotland, working from the Aberdeen headquarters, on a permanent contract with Great British Energy, the release noted, highlighting that he took up the post of interim CEO in March on secondment from RenewableUK. “His appointment brings world class private sector experience to Great British Energy, with the former Chief Executive of RenewableUK and CEO of Siemens Engines now leading the UK’s publicly owned clean power revolution,” the UK government release stated. “Under his stewardship as interim CEO for the last four months, he has helped rapidly set up the company,” the release added. “This includes announcing GBP 1 billion ($1.36 billion) for Great British Energy to invest in clean energy supply chains such as electric cables and floating offshore wind platforms to ensure the clean energy revolution is built here in Britain,” it continued. In the release, McGrail said, “it is a privilege to take on the CEO role permanently and lead Great British Energy from our Aberdeen HQ at such a pivotal moment”.  “We are already delivering for British people, with schools and hospitals set to benefit from cheaper energy bills,” he added. “We will now focus on scaling up as Britain’s publicly owned energy company, making strategic investments that drive forward the government’s clean power mission and give people a stake in clean energy,” he went on to state. UK Energy Secretary Ed Miliband said in the release, “Dan has been a visionary leader as Great British Energy’s interim CEO and will bring world class private sector experience to our publicly owned clean power company”.  “Great British Energy is at the heart of our clean power mission and Plan for Change and is investing in clean

Iberdrola SA will distribute EUR 0.409 ($0.48) per share as a supplementary dividend for 2024, raising total shareholder remuneration for last year’s results to EUR 0.645 gross per unit. The total 2024 distribution represents a 15.6 percent increase from the previous year, the Spanish multinational power utility said in an online statement. “Investors will have three options: to receive the amount corresponding to their supplementary dividend (EUR 0.409 gross per share) in cash; to sell their rights on the market; or to obtain new bonus shares from the group free of charge”, Iberdrola said. “These three options are not mutually exclusive, so shareholders can choose one of the alternatives or combine them”. Iberdrola had already paid an interim dividend of EUR 0.231 gross per share in January, followed by an “engagement dividend” of EUR 0.005 gross per share that the company pledged for reaching a quorum of 70 percent of its share capital at the meeting of shareholders last May. “Iberdrola is ahead of schedule in meeting its commitment to establish a dividend of between EUR 0.61 and EUR 0.66 per share in 2026”, it said. Iberdrola scheduled July 23 for the release of its results for the first half of 2025. For the first quarter (Q1) it had reported EUR 12.86 billion in revenue, up 1.5 percent from the same three-month period last year. However, net profit fell to EUR 2 billion, or EUR 0,302 per share – compared to EUR 2.76 billion for Q1 2025. Earnings before interest, taxes, depreciation and amortization (EBITDA) dropped from EUR 5.86 billion for Q1 2024 to EUR 4.64 billion for Q1 2025. “Excluding the capital gains from the divestment of thermal generation assets in the first quarter of 2024, net profit increased by 26 percent and EBITDA increased by 12 percent”, Iberdrola said